ASX 200 fails to find any floor falling 166 points to 7144 (-2.3%). Down 2% for the week. A killer combo of US bank worries, nerves before the US jobs number and a capitulation in some resource stocks caused a rupture in the time-space continuum. Banks were an easy target with CBA down 3.3%, ANZ down 2.6% and the Big Bank Basket falling to $170.15 (-3%). MQG dropped hard down 3.2% with insurers also under pressure, QBE down 1.8% and SUN caught in the crossfire down 2.8%. Wealth managers held up a little better with PPT down only 1.9% and MFG off 1.8%. PTM actually unchanged. Industrials under all sorts, CSL dropped 1.5% and REITS stumbled badly despite bond yields falling. Strange days indeed. Tech under pressure, XRO only down slightly, 0.3% with WTC off 1.6% and the All-Tech Index down 1.7%. Tourist stocks fell hard too, FLT down 3.6% and WEB off 2.6%. In resources, it was a nasty day, especially for lithium stocks. IGO down 7.2%, AKE off 8.6% and MIN crashing 6.2%. LYC dropped 4.7% with LTR falling 8.0%. BHP and RIO under serious pressure down over 3% and FMG nearly joining the 3% club. Gold miners did ok. Finding some safe-haven buying. NST up 1.7% and EVN up 1.1%. In corporate news, A11 and PLL responded to the short seller report and still fell hard as expected. APM up 2.3% on a new contract in North America. Nothing on the economic front. Asian markets hit hard as President Xi was nominated unopposed to the top job. Dow futures down 207 points. NASDAQ futures down 45 points. 

HEADLINES

• Winners: SLX, DVP, RSG, SGF, TUA, ORG, AQZ, APM
• Losers: AKE, SYA, LTR, SYR, IFL, LLL, IGO, PLS, MCR
• Positive sectors: Gold miners. Utilities. Toll roads.
• Negative sectors: Everything. Banks and Lithium/Resources.
• High 7290 Low 7134
• Big Bank Basket: crashes to $170.15 down 3%
• All-Tech index: Down 1.7%
• Gold pushing ahead to $2775
• Bitcoin: Falls to US$20,092
• Aussie Dollar: Steadies to 65.91c
• 10-Year Yield: Falls to 3.60%.
• Asian markets: Asian markets weak following US:  Japan down 1.8%, China down 1.1% but HK down 2.4%
• US Futures: Dow down 207 Nasdaq down 45

MAJOR MOVERS

• SLX +6.42% bucks the trend.
• RSG +3.64% EVN +1.1% gold a bright spot.
• AQZ +2.34% thin volume.
• TLG +0.71% updated securities policy. Hardly market moving.
• MAQ +1.22% illiquid as usual but some buyers.
• AXE +6.74% Electronic control of biochip gFET sensitivity achieved.
• VHT +8.82% FDA breast density reporting rules released,
• APM +2.29% contract win in North America.
• SYA -8.00% PLL doubts.
• LTR -7.99% AKE -8.59% AGY -6.38% lithium falls.
• MYR -5.31% profit taking.
• A11 -23.08% corruption accusations.
• WR1 -6.73% lithium sell-off.
• PMT -6.92% coming back to earth.
• CGS -7.69% heading back down.
• Speculative Stock of the Day – Surprisingly there is one that is doing ok, on ok volume. Magnum Mining (MGU) up 53.33%. US iron ore project in Nevada.

COMPANY NEWS

• Capricorn Metals Ltd (CMM) reported a pre-tax profit of $58.3m 1H23, driven by strong operating performance at Karlawinda. Gold production is up 10% is on track to meet production guidance for FY23 of 115,000 – 125,000 ounces at AISC of $1,160 – $1,260 per ounce.
• Transurban Group (TCL) announces that AM Partners have decided to not proceed with Maryland Express Lanes Project.
• APM Human Services (APM) has been awarded a contract through Phase 2 of the Ontario Employment Services Transformation and two new JobCorps contracts in the United States. The contract awards will provide annual revenue of approximately $150m.
• SRG Global (SRG) has successfully completed a $5m share purchase plan, with shareholders showing significant interest in the offering. The shares were offered at 72c per share.
• Downer EDI (DOW) – Ratings agency Fitch says the downward pressure on margins is expected to continue for the rest of this financial year and there are risks connected with new chief executive Peter Tompkins’ turnaround plans.
• Bravura Solutions (BVS) – CFO quits.
• QBE Insurance (QBE) -Non-executive director Eric Smith will be leaving the board after being appointed to a US-based role.
• BHP – BHP Group has announced that company secretary John-Paul Santamaria will be stepping from the position, effective immediately.

ECONOMICS & OTHER NEWS

ASIAN MARKETS

•  President Xi gained an unprecedented third term as president of the country on Friday. Delegates to the annual National People’s Congress on Friday also formally reappointed Xi as chairman of the Central Military Commission. Xi is scheduled to speak at the parliamentary meeting’s closing ceremony on Monday. The new premier is set to speak soon after.
• Farewell, governor Kuroda. No surprises. The Bank of Japan (BoJ) maintained ultra-low interest rates on Friday and held off making changes to its controversial bond yield control policy, leaving options open ahead of a leadership transition in April.
• China’s CATL cements position as EV battery leader with jump in profits.

US AND EUROPEAN HEADLINES

• US Jobs numbers tonight.

• Biden proposes big tax rises in the budget to shave $3tn off US deficit. Some real horrors out there. A wealth tax on unrealised wealth gains. No wonder US markets fell.
• Sheikh Tahnoon named chair of $790bn Abu Dhabi sovereign wealth fund.

And finally…..

“I thought the dryer was shrinking my clothes. Turns out it was the refrigerator all along.”

A 103 year old man was asked if he thought he’d be around for his 104th birthday.

He replied, “I probably will; statistics show that very few people die between the ages of 103 and 104.”

Clarence

XXXX